When most first time buyers take the time to do their research and consult carefully with an Oakland County, MI mortgage banker, along with a real estate agent, there’s often little remorse or regret after the purchase.

Granted sometimes you turn up little problems in a home that can add some frustration into the mix, but in most cases buyers are fairly happy with the home they choose.

Even with diligent research and careful planning, there are still some regrets and things that home buyers wish they had done differently.  To avoid buyers remorse after getting pre-approval from an Oakland County mortgage banker and closing on a home, try to follow some of these tips and advice.

Get Serious About Your Savings

Before you sit down to talk with a mortgage lender in Oakland County, MI you should make sure that your savings are in order.  The earlier you start to save for your down payment, the easier the entire process is for you.  If you wait till the last minute, you could find yourself in a boat where you’re scrambling to put a large enough deposit together.

Even still, without a sizable down payment toward your mortgage in Michigan, you could wind up financing more than 80% of the home’s value.  Start your savings sooner and you finance less.

There is Never a Reason to Rush Getting a Mortgage in Oakland County

Some first-time buyers may feel like they’re forced into moving quickly because of new family additions, changes in location due to employment or a variety of other factors.  Rushing results in jumping the gun and settling on a home.  You don’t get to survey all your options and you may not be totally happy with the house you get.

The more time you devote to looking at homes for sale in Oakland County, MI and surrounding areas, the more likely you are to find that perfect home.

Mortgage Savings Are Great – But What About Emergencies?

One of the most common mistakes first-time buyers make is not accounting for emergencies and excess expenses after you move in.  Remember there are other costs involved like paying for a moving company, or paying your friends with beer and pizza.  Other expenses like utility deposits and last minute appliance replacements can pop up.  Money goes quickly, so have a large chunk set aside to cover these extras.

Shopping Around for a Mortgage in Oakland County, MI

Even if you have a preferred lender or bank, always take the extra time to shop around for your mortgage.  Speaking with three or more mortgage lenders can help you locate the best rate for a mortgage in Oakland County.  Consider this:  A difference of just a half point lower in interest could save you around $60 a month or $23,000 over a 30 year mortgage for a $200,000 home.